the chance of us getting tax reform are mines call. so well he probably find a mediocre fix for the reconciliation, budget stuff. but we'll spend relative little time on big stuff. i think judging still by the inauguration, he's thinking the long-term. he's thinking the republican party is extraordinarily weak. i'm going to try to go around the country and try to build a new majority on pretty liberal terms. and it's not about passing legislation over the next four years. it's been really akening the other side d bilding up my stuff. >> what do you think, speaking of the republicans, here they are meeting. they are having their annual meeting in charlotte. and we've talked about this too. their weakness, you just mentioned it again. they're trying to figure out how their position going forward. >> i do think the president at least implicitly and tacitly recognized the states that he made in the first term. i think the emphasis, reappointment of richard corddry and mary jo white at the securities and exchange mission san acknowledgment